The National Bureau of Statistics on Tuesday announced a tweak to the way it calculated the economy’s size, revising up gross domestic product for last year by about US$130 billion, which was just 0.04% higher, the South China Morning Post reports. The bureau said spending on research and development was included in the formula to bring the calculations in line with United Nations recommended international standards and to better “reflect the contribution to growth from innovation”. The change is the latest effort to retool the statistics system to keep up with the shift from a state-dominated planned economy to one more reliant on services. The United States made a similar tweak in 2013 to include knowledge and artistic input, revising up US growth in 2012 from 2.2% to 2.8%.
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